Sunday, January 29, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Politics

Oil sinks on weak US economic data, uncertain politics

July 31, 2020
in Politics
Oil sinks on weak US economic data, uncertain politics
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

NOONAN | Oil & gas law only works if we let it

Impact of oil, Covid-19 on Saudi budget revealed as revenue slides

Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News

Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.

Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is enshrined in the U.S. Constitution, but Trump’s remarks were viewed as an attack on the integrity of the coming election, worrying investors.

Oil markets recovered from their lowest levels of the selloff. U.S. West Texas Intermediate (WTI) crude futures settled down $1.35, or 3.3%, at $39.92 a barrel after falling 5% earlier in the session.

Brent crude futures, which expire on Friday, fell 81 cents, or 1.9%, to $42.94 a barrel.

“We have the potential for serious political uncertainty in the U.S. if election dates are challenged,” said John Kilduff, partner at Again Capital in New York.

In a sign of the devastating impact of the coronavirus on the United States, the world’s biggest oil consumer, the country’s economy contracted at its steepest pace since the Great Depression in the second quarter.

U.S. gross domestic product collapsed at a 32.9% annualised rate, the deepest decline in output since the government started keeping records in 1947. In addition, weekly jobless claims rose, a signal that the worsening outbreaks across wide swathes of the United States are taking a further toll on the economy.

Deaths from Covid-19 have now topped 150,000 in the United States, while Brazil, with the world’s second-worst outbreak, set daily records of confirmed cases and deaths. New infections in Australia hit a record on Thursday.

The potential threat to a recovery in oil demand comes as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are set to step up output in August, adding about 1.5 million barrels per day to global supply.

“The market is now watching U.S. producers and OPEC+ consider plans to ramp up while demand isn’t returning the way we thought it would a few weeks ago…the supply demand balance could get out of whack” said Gene McGillian, vice president of market research at Tradition Energy.



Read More: Oil sinks on weak US economic data, uncertain politics

Tags: CoronavirusCOVID-19dataDonald TrumpeconomicoilpoliticssinksuncertainUSAweak

Related Posts

NOONAN | Oil & gas law only works if we let it
Politics

NOONAN | Oil & gas law only works if we let it

by Oil Market
July 30, 2020
0

Paula Noonan Ozone is back in full non-compliance force according to electronic signs on Colorado’s roadways and reports from...

Read more
Impact of oil, Covid-19 on Saudi budget revealed as revenue slides
Politics

Impact of oil, Covid-19 on Saudi budget revealed as revenue slides

by Oil Market
July 29, 2020
0

Saudi Arabia suffered a simultaneous decline in oil and non-oil revenue as the global pandemic combined with lower energy...

Read more
Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News
Politics

Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News

by Oil Market
July 28, 2020
0

By Oil City Staff on July 27, 2020Wyoming Governor Mark Gordon speaks during a Wednesday, July 8 press conference....

Read more
Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News
Politics

Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News

by Oil Market
July 28, 2020
0

By Oil City Staff on July 27, 2020Wyoming Governor Mark Gordon speaks during a Wednesday, July 8 press conference....

Read more
Polis says oil and gas, environmental groups brokered cease-fire on ballot
Politics

Polis says oil and gas, environmental groups brokered cease-fire on ballot

by Oil Market
July 26, 2020
0

Gov. Jared Polis said a deal has been brokered to hold off on new ballot initiatives between environmental groups...

Read more
North Korea accused of breaching UN oil import limits
Politics

North Korea accused of breaching UN oil import limits

by Oil Market
July 25, 2020
0

NEW YORK (Kyodo) -- More than 40 countries, including the United States and Japan, on Friday reported to a...

Read more
Next Post
Ex-Unaoil manager Sentenced to Three Years in Prison over Iraq Bribery

Ex-Unaoil manager Sentenced to Three Years in Prison over Iraq Bribery

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Is an oil and gas pipeline in Straits of Mackinac safe or stupid?

Is an oil and gas pipeline in Straits of Mackinac safe or stupid?

3 years ago
Oil prices slip as coronavirus cases surge

Oil prices slip as coronavirus cases surge

3 years ago
The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress

The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress

2 years ago
Hamm says oil industry needs ‘sound economics’ rather than another boom

Hamm says oil industry needs ‘sound economics’ rather than another boom

3 years ago
COVID-19 Update: Global Angelica Seed oil Market is Expected to Grow at a

COVID-19 Update: Global Angelica Seed oil Market is Expected to Grow at a

3 years ago
BP Wraps Sale of Alaska Business

BP Wraps Sale of Alaska Business

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com